Cryptocurrency
6 Reasons Why Multiple Governments Show Interest For IOTA (MIOTA)
Besides being a cryptocurrency platform, IOTA is also a Foundation providing top-shelf solutions regarding distributed ledger technology. As we already know, The Netherlands was the first country to implement IOTA (MIOTA) in their governmental organizations already since last year, starting with the city of Haarlem.
Commissioned by the municipality of Haarlem, ICTU and Xurux developed a Proof of Concept to administrate and verify legal documents regarding housing within public registers via the open source network “Tangle” created by the IOTA Foundation.
More Dutch cities, including Amsterdam & Rotterdam, are examining the case and it is most likely that they will follow Haarlem’s steps into adopting IOTA (MIOTA) technology.
But IOTA’s popularity among governmental institutions did not stop in The Netherlands, as later we see the Japanese government inviting IOTA in Tokyo, as the German team to participate in the Tokyo Government Metropolitan Programm, in order to come up with innovative ideas of how blockchain and other distributed ledger technology solutions could be adopted by the city of Tokyo.
The German Government recognizes IOTA Foundation as an official and trusted blockchain technology provider in Germany, while Sweden is considering IOTA (MIOTA) as a digital alternative for their native currency (e-crown). Testing will begin this year and if that happens IOTA will be the first official cryptocurrency used by a country.
Hang on there, as today an official announcement by IOTA, followed by retweets of the founders as well as thousands of IOTA fans around the globe, wants IOTA to be partnering with Tawainese start-up BiiLabs in order to upgrade Taipei, the capital city of Taiwan into a leading smart city.
The details of the partnership, as well as the role of IOTA, are yet unclear, while both parties look excited and confident about this new relationship.
It is not surprising to anyone that has a basic knowledge of DLT platforms, that not only major industrial firms like Microsoft, BOSCH, Volkswagen, Samsung, Huawei, and Orange among others, would choose to back IOTA’s mission, but also if governmental organizations would start to implement any kind of blockchain based technology into their institutions IOTA would be naturally their first choice and there are several reasons for that.
- Blockchain technologies are emerging and taking over almost every industrial sector including finance, hi-tech, scientific sectors among many other major sectors and it was obvious that governmental level organizations would be sharp and fast adopting into the new era of technological advancement.
- Unlike traditional blockchain platforms, IOTA has its own network created from scratch by Serguei Popov, a scientist specializing in blockchain technologies, called “The Tangle“. That network differs from traditional blockchain networks on many different aspects.
- IOTA (MIOTA), unlike most blockchain platforms and cryptocurrencies, is a pre-mined token, meaning that there is no need for mining authoritarians to promote transactions inside the network, neither they could get MIOTA tokens for their “services”. Instead, in IOTA’s Tangle, every user validates two previous transactions in order to be promoted, waiting for the next user to validate his and another user’s transactions respectively.
- Unlike most blockchain platforms, IOTA has literally 0 transaction fees since as prementioned there are no miners between the users and their transactions.
- IOTA is designed to interface with the Internet Of Thing (IoT), which is the new generation networks where the smart machinery are connected all-together. Therefore leading governments would prefer a system that can adapt to the new era where smart cities will be the standard for a modern and technologically advanced society. Dubai and Tokyo are the first among many other cities in the world that are already integrating IoT networks in order to solve everyday problems in their communities.
- The most important reason tho would be that IOTA is probably the only platform that has infinite scalability. The more users are using the tangle the faster the transactions and the value of transactions the network can handle, again exactly because the users are the ones who validate the transactions as long as they keep using the network.
For these reasons, any governmental agency or organization would naturally prefer IOTA’s network between any other blockchain based platform.
_
What are your thoughts on IOTA working with governmental organizations around the globe? Would you suggest IOTA as a solution to your city? Let me know in the comments below.
Reporting for The Independent Republic, Ross Peili
More Resources